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6 May 2015
EUR and GBP biased lower – InvestingBetter
FXStreet (Barcelona) - Alpesh Patel of InvestingBetter, comments that although EUR and GBP see modest gains due to yesterday’s soft US data, fundamentally the currencies are biased lower.
Key Quotes
“We have called for a gradual rise of the US Dollar this week and we’ve seen some positive signs on that scenario on Monday but yesterday the currency flows changed again and the US currency almost gave up its already modest gains. There is great uncertainty ahead of the US jobs report coming up on Friday, especially after the release of the Non-Manufacturing ISM report yesterday.”
“The employment-related components of the report didn’t exactly excite traders leading to doubts over the upcoming Non-Farm Payrolls report scheduled for release on Friday. The result was a mild retreat from the Dollar against the Euro and the Pound but from a fundamental perspective it is important to note that the bias on both European currencies points lower”
Key Quotes
“We have called for a gradual rise of the US Dollar this week and we’ve seen some positive signs on that scenario on Monday but yesterday the currency flows changed again and the US currency almost gave up its already modest gains. There is great uncertainty ahead of the US jobs report coming up on Friday, especially after the release of the Non-Manufacturing ISM report yesterday.”
“The employment-related components of the report didn’t exactly excite traders leading to doubts over the upcoming Non-Farm Payrolls report scheduled for release on Friday. The result was a mild retreat from the Dollar against the Euro and the Pound but from a fundamental perspective it is important to note that the bias on both European currencies points lower”